Yellow Freight to face 'complete shutdown' in coming days, Teamsters warns
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- Опубліковано 29 лип 2023
- Union workers fear that Yellow Freight may face a "complete shutdown" within a couple of days, a new letter revealed.
The International Brotherhood of Teamsters is warning its members to brace for the closure of Yellow Freight in the near future, not even a week after the trucking company averted a nationwide employee strike by signing a deal with the union.
A 5 On Your Side viewer shared a letter the union sent out to its members which painted a bleak future for the company.
"The likelihood that Yellow will survive is increasingly bleak," the letter said. "All Yellow employees should, in our opinion, prepare for the worst, as Yellow appears to be headed to a complete shutdown within the next few days."
Read more here: www.ksdk.com/article/money/bu...
I think the SEC should have investigated the executive management with those shady stock deals and transactions
oh im thinking a fed judge will have auditors doing just that
look for the filing bright and early tomorrow morning
Nothing will become of it since the CEO and other execs donated to Brandon.
Just blame the union. Blame the workers. Screw the poor. Make the poor fight amongst themselves. Seems to work.
Really, you trust the SEC to hold them accountable. Please give me 1 recent example of the SEC doing there job.
Im a driver in Cali I got laid off a week ago...
Darren Hawkins needs to be investigated for embezzlement!!! He is a CROOK!
proof?
with your exp and endorsements, you pretty much pick any company and demands any salary you want. so it's a loss for the yellow.
@leepialong Not when it's your FIRST driving job and you only got in 4 months. Now I don't qualify as a "new grad" for some companies and most won't hire with under a year. Also, a lot of non-union outfits won't hire Teamsters out of fear of a union push.
@bsmiddy236 Where did the $700 billion they got 3 years ago go? Darren mysteriously started or bought 3 other companies since then.
@@jeremythornton3240 Really Jeremy.....it is called debt service and running a business....and just so you don't look like more of a JACKA$$ then you already do it wasn't 700 BILLION it was 700 MILLION....and I have a question for you....why did Biden give 36 BILLION dollars (give not loan) to the Teamsters?...
I'm a company driver myself and my heart goes out to all those poor people who are going to lose their jobs.
How hard is it for CDL drivers to find another driving job at a different company?
Go offer them a job or give them money.
@@Ether1501 I guess not too hard. There is always a call for skilled CDL drivers. It's more about having their lives upended like this.
Rich gotta rich. Poor gotta serve and suffer. Masters and slaves, baby! Consistent history at work. 💪😎✌️
@@sonicguyver7445 not necessary. The demand has to be there too. Read up on “freight recession”.
Not fair what that terrible company did to their workers and the American taxpayer. I assume the executives that killed the company will return the bonuses?
Sure, I expect that all the union negotiators and bosses will return all there money.
Nah, they'll be at next year's F1 Monaco GP on their yacht(s).
@@XxGyromancerXx yep. Both the executives and the union bosses.
@@tira2145and Apollo Global Manangement has to repay $6 billion to the workers they robbed since 2009?
@@tira2145both of you two's comments are coming from your ass since you have zero idea of what you are talking about.
No offense
I'm sure the CEO and other executive company officers took their share of the $700 million in PPP Loan money. The higher-ups will be taken care of, find themselves at other companies, and run those ones into the ground since other large crappy companies love taking in the throwaways. The lesson from Yellow will be ignored by other sorry ass CEOs.
52 million in exec bonuses and salary increases
They did. To the tune of 52 million dollars. The drivers were beyond pissed about it
I remember losing all my GM stock money when GM went BK and the unions got all the money while shareholders got screwed over...
The unions need to learn something too, but they won’t.
@@robertlee7606 Unions play both sides.
They had an orange logo. They clearly had no idea what they were doing running a business named "Yellow".
Yellow Frieght started from yellow cab company hence the name
And yet they managed to be in business for over 100 years
As a 10 year driver of YRC & Holland.. I'm saddened by this outcome. Between poor management and union stubborness, Yellow was living on borrowed time. Our union competition is doing quite well so this situation is very frustrating. Teamsters put the brakes on the One Yellow Merger at the WORST time. Leaving our customers in doubt .. followed by switching to our competition. This past week after the decision to not pickup freight...i knew we were done. Thank God i have lined up new employment as i was proactive. Good luck and best wishes to my former colleagues.
If you ain't rich, you ain't sheet. 😂🤣😂
I’m at Estes & we are certainly preparing & busy for this outcome. God speed to those losing livelihoods.
So is Holland shutting down too or just YRC?
Brother I have a job for you. Teamsters 413 I'm a driver not a recruiter.
We deliver new trucks for kenworth. 3 terminals
Unions caused this just like the airlines and GM along with the unions that went bankrupt unions are the worst, and I was forced to pay dues into a few for years and guess what, since im not there long enough all that money is gone, time employees woke up and said enough is enough
Unions make people lazy and stupid
Hey how about we send more money to Ukraine?
This is why the government should never bail out a company. The taxpayer will also cover a portion of the pensions.
No they won't. The pensions are secured by the Teamsters. Yellow hasn't properly paid in that pension properly since 2008
Teamsters supposedly will
@@theOnlydoubleP The Teamsters negotiated the reduction in payments. An agreement was made, just a fact.
@@brentj.peterson6070 Labor unions lobbied congress to get pension protection legislation several years ago.
We've been enjoying the fruits of an amazing economy for over 13 years. Consumers are running out of savings and companies are laying off everywhere. This downturn was bound to happen.
We've been enjoying the fruits of a good economy for decades. Even our down trends have still seen prosperity for most.
this is no downturn but an extraction of blood of the working class by banksters on wall st
You mean consumers have ran out of credit. The middle class is smoke and mirrors. It exits on debt, not prosperity.
Economy was great from 2016-2019
Democrats shutting the economy to beat Trump and NOT being able to restart it is the final nail.
Every industry from Airlines to car sales is being crushed.
Go Briben 🤬
this is a classic 15 year Bain Capital style destruction...
From someone that went down with a large LTL carrier in the early 90’s. We didn’t get any money and everything they owed us (2 week hold back) got zero pay. I was in sales and lost over $5k. Use your head
I worked for yellow as a road driver from 1993 till 2000 they did a change of operation that made zezo sense and put me out of a job I'm happy to see them go the driver's will find new jobs I did
yeah right crappy economy including a crappy trucking economy....as well as what trucking company in their right mind would hire a union driver after this?
@@bsmiddy236you do remember 2008 correct? This is called borrowed time. Enjoy it.
@@josephprentice8354 for some it is borrowed time for others it is an opportunity....again they would all still have jobs today
To me I think the shares that these individuals are cashing in on should go to the government loan that the company owes.. why should they be able to cash in on good money when the workers are the ones that are hurting. IF WE HURT THEY SHOULD HURT TOO !!!!!
I drove for LTL,OVER THE ROAD for 30 years and finally quit driving on June 15, 2023. I just got sick of the crap, got sick of being talked down too by the boss, who has never driven a truck in his life. So, i walked, im down driving a truck.
Plandemic
Socialize costs, privatize profits.
Stop paying taxes
I don't know about that looks like a train wreck
Clearly a company that was needing an internal upper management overhaul decades ago. I worked for Yellow Freight way back in 1978 while in high school to experience the 230-door terminal in my town closed as 1,000 workers lost their jobs yet nobody seemed to care at the time. It was deemed needed to keep the corporation afloat. Yellow Freight has been mismanaged for over 50 years and in my honest opinion the Teamsters Union was equally involved within its demise as well.
True!! The drivers would come and tell me that they didn't even provide them with durable straps and dolly's... There trucks were really old too.
I have some friends who are non union workers for Yellow as front-line supervisors, managers, etc. This is at a terminal in Tennessee, anyway, it's more than a layoff, they have been told by executive management that their jobs are permanently gone, and they will not be rehired, and the terminals will not reopen. Unfortunately, it seems 💯 certain that Yellow will file for bankruptcy this coming week.
"Lay off" Is just the term they are using to screw the union more
thats why they moved to nashville
Central Transport will hire them back maybe
Rumor has it customer service has a handful of people left to clear house. Basically forcing anyone not able to arrange to pickup their goods at the terminals to "upgrade" with Yellow Logistics..."ensuring it delivers". With so many terminals closed / very limited, it feels they are forced to use YL. Sure seems like a way for YL to get some funds to continue as non - union... Not sure how true it is, but..wouldn't surprise me.
I think thats how Yellow came to be to begin with. Roadway Express closed their doors one day because they refused to negotiate with tue union, and opened the next day as Yellow.
I worked for Yrc yellow for seven years. I quit in 2019 after their contract only gave us a one dollar raise after the Teamsters gave them so much for so long.
I feel sorry for all the people that are left with this mess. The management screwed it up for over a decade and still get their golden parachute. And people always claim that the rich always have the most risk. I call BS.
And what were you making under that union contract and what sort of benefits?
ummmmm they do.......have you ever gotten a job from a poor person?
@@bobroberts2371 at the time under that union contract it was $21 an hour. Now I have my current union job. I make $41 an hour. Both had bull health and dental.
@@bsmiddy236 ummm no they don’t.
I’ve never heard of a ceo becoming homeless after their company goes under. It’s always the works whose wage increases have been stolen for years. there is no cushion for the 99%. So stop boot licking
Another Union success story.
The problem with Yellow, they ended up buying up all those carries over the yrs and taken on those carries debts. It's just gotten to big and now blowing through 9-10 million dollars a day. They are paying out more then they are bring in. I've owned a trucking company for 26 yrs and seen other trucking companies buying out others and couples yrs they go out of business or bankrupt. I've told myself this is the dumbest and stupid way to buy another companies out along with their debts. I've always said don't buy the companies out and their debts, just let them go under. Those customers are going to go with you or not if they want your business once those companies go under. Unions and tesmsters can make or break the companies, if both parties can or can't come to a fair agreement. It's sad that some or alot will lose their jobs over companies mismanagement. I believe CEO that makes millions of dollars in salary should take a pay cut and which they won't.
yes in part, at the same time the union strong armed Yellow into so many concessions that cant afford to pay their obligations like the airlines, GM many others, while freight now is dwindling down due to a recessions
Incorrect. Union is still owed bail out from 2009. Yet they could sponsor a nascar during all these years. They bought great companies and dragged them down to their level.
@@GODDESSOFWAR54 blah blah blah the union put their people on the unemployment line period the end!
Funny, though, the odd thing is, all these faults that you claim destroyed the company happened to coincide with the VERY MOMENT IN TIME YOUR UNION VOTED TO GO ON STRIKE, CRIPPLING ANY HOPE THE COMPANY HAD OF SURVIVING.
BUt, sure! It's the company's fault! Nothing to do with you union goons! Hahahahahhahahahahahhhahahahhahahahahahahahhaha.
harold, just don't hire a Yellow teamster, and you will just fine.
This reeks of corruption at the top level of the company
CF in the making 2002 Labor Day lay off, 15,000 employees lost their jobs.
Well, with what happened with the pension fund, this is not a surprise. Bankruptcy seems likely now. Suppose this is what happens when the C-Suite get paid more money than the actual employees. I just feel bad for the workers who lost their pensions after 30 years of working at Yellow.
The teamsters control pension money
They will get their pensions
@@carlroop2674 Technically no, but neither does Yellow
@@fenian123 You haven't heard. Yellow wasn't paying into the pension fund for 30 years. Pensions are gone. Yellow said last week (week before?) that they would pay the missing amount into the fund but the deadline passed. Since they're about to go bankrupt, I'd say the pensions are forever gone.
@@lyraserpentine894 They were paying the full amount until 2011, then started paying only 25%, Yellow workers will see a reduction in their pensions compared to ABF. They will likely only get $1200-$1500 a month, but that's better than zero
So Darren D. Hawkins told investors things were good and going to get better and the next day cashes out his stock options and then the company goes under it would be likely that he knew and lied to investors and could be charged with insider trading and defrauding investors and and there's likely to be an Investigation into his handling of the company by the (SEC) The Security and Exchange Commission, The lid is about to come off the top HOLLA....
Always the same story management gets paid and everyone else gets screwed
I'm a Mechanic at J.B. Hunt and I've met 5 drivers from Yellow already.
I thought you could not file on government loans
You can't on student loans.
@@cinerama62not true you can file on any debt the judge will most likely say that you have a ability to repay is why most won’t get discharged.
Friday they stopped operations at the BNSF port in Haslet tx. I haven’t seen a single yellow since
Companies can take loans and don't pay back but for students no no no no
Control and greed is why. They want to keep the poor poorer and the rich richer.
@@VOAN bingo
They will lose all their assets in bankruptcy, not much more they can take, I do think the CEO's and upper management should be held accountable though.
Criminal, ceo cashes out 280,000.00 in stock day later worth 20,000. All these CEOs do this before a company crashes.
His voice is breaking. God bless them 😢
Sounds like some insider trading stunts going on by the stock holders. Guess the good thing is lots of truck driving jobs out there.
25 years with the teamsters, son inlaw was handed the keys to the company and sold it within a year's time.. I've was involved in 3 strikes locked out during all three negotiations only to be asked to return to work, because the scabs had absolutely zero idea how to do the job while offering 5 star customer service.. I've been down this road and as scared as some of you are.. you will be fine stay Positive stay busy.. solidarity 👊 Teamsters Local 1035
I'm a 64 year old taxpayer. Recoup as much as possible!
Competition can be unforgiving
Investors pulled out, it’s simple as that. Your finished, in business your livelihood means absolutely nothing. Working man is the business man’s sucker.
Continue working for business men who aren’t involved in day to day production operations, and your livelihood will always be in doubt, always!
Well said! I call them Corporate Conquistadors.
Ask your local to help looking for openings at other Teamster areas. I saw safeway drivers come to my company when safeway pulled out of Richmond Va.🦇
Another day in trucking. Thanks again Prime
I completely blame the management team for this and another stellar example of the govt wasting taxpayer dollars on bad investment deal.
i completely blame the union for ending the employment of 30,000 people....concessions don't feel good but you would still be employed.....live to fight another day!
Bad Management is how this happens. Along with a federal government that has no idea what it is doing.
AND THE EXTORTIONIST UNION LEADERS......and the idiots that follow them.
Save your money people, going to be more companies going under in the next 24 months!! Layoffs are coming in all industries. Be prepared and save, save, save!!
Let’s investigate the executives because how are they going to mismanage that much money that they received from a bailout.
They’re filing Monday
This is what yellow wanted. They will file for bankruptcy. Then comeback as yellow2.0 with no union drivers. And all part time or 10/99 workers whial the ceo gets a bonus in the
Millions
As he should! Getting rid of the union is worth $millions in bonuses to the guy who can get it done. That's a major COUP!
Worked there a long time ago for a short while. Was not a job I was interested in. It was a 3rd shift dock. Went back to driving.
I wonder if those executives will sell their shares now since the share price is well above $1 now. If they do they need to be investigated.
Unions have consequences
Management and worker productivity. Sadly
Yes unions are not great in trucking
Yellow drivers were warned a month ago by the CEO that if the union didn't accept the contract 30,000 would be out of work and the place would close.
So it is what it is.
YEP
CAreful, here, sir. You're speakin' truth to power here, and that "power" just voted themselves out of jobs! They're not too happy about that. A'course, they're not very BRIGHT, either, but even the dumbest truck driver can comprehend "you outta job, boy!"
@@notmyname3883 I'm a truck driver and I don't understand.🤔
All the Executives, CEO need to have any & all compensation seized. Bankruptcy; I really think that the Teamsters & Members have an opportunity to make YELLOW an Employee Owner Business & save jobs & working families.
This is Yellows fault. They had a 700 million dollar bailout in 2020 and they squandered it .
This has just been poor management, how do you get $700 million and can’t even repay it, couldn’t pay benefits, but can afford to pay and provide stock options for executives?
dude took a job with a company that is supposedly bailed out multiple times and now is mad?
The union is so great they’ll let them lose their jobs! Stop giving them money truckers what are they doing for you??
As a truck driver myself I never deal with union company
The union can't do anything about incompetent management
Just like when Consolidated Freightways CF shut down in 2002. Sad
this reminds me so much of when CF shut down . only difference is the employees showed up to lock gates
The GAME is Over !!!!!!!!!!!
So, does this also affect Holland?
Yes, it will affect Yellow and all of their subsidiaries, including Holland, New Penn, etc.
Yes Reddawy is closed.
@bsosborne6121 yellow freight own Sala motor freight but they are non union
@@jeorgedavid3239 no thanks non union. Want the free medical insurance
Put the CEO in jail for insider trading
Hate to hear this and hopefully they'll get a severance package and be are able to find another job.
The government just played all these workers and YES... the union helped them out. Shame
America new 3 world country and they welcomed it
I work with yellow and they said it will be our last week on monday its so sad this is my first job after college
You're young...got time on your side. You'll be fine very soon.
Wish you the best and hope you can transition into another job soon.
Everyone keeps milking this story. IT'S OVER 😐 done, no màss
So the company got 700 million and then did this? Heard they weren't funding the pensions and the CEO's got stock options? Is there a crime here somewhere?
Employees, buy out your employer & operate it as an employee owned & operated conpany. Then sue the former company executives for pocketing a government bailout. Or better yet, sue to get possession of the government bailout & use it to fund operation of your employee owned business.
Teamsters touch of death. The Teamsters has been trying to get a Union for this Intermodal company in San Diego for 10 years. The majority vote was for "NO". Teamsters filed about 3 lawsuits for drivers including 2nd seat drivers (misclassification of workers). In the end STG logistics changed contract terms for owner operators and permit requirements including own DOT number for each owner operator and only kept 55 owner operators (not sure of trucks but the San Diego and Calexico office was 150+ drivers at one time). With the new rates being offered a lot owners are selling their equipment. Teamsters are just a mafioso shakedown. Funny how fast the teamster recruiters dissapeared after the No vote won.
I don't understand why you are blaming the union for the situation that the CEO and other managers created, there are plenty of union trucking companies out there that are doing fine. The question that you should be asking is where is all of the profits that the company made and why were things allowed to degrade so badly before anything was done.
@@kathrynw3if there was no union this wouldn't of happened. Yellow deserves the right to make it's own decision on what to do. Yet yellow dropped it. Union is to blame here and nothing more
Unfortunately this isnt the case because fhe Union is complicit with Apollo Global Management and is allowng this to happen since they represent wall st's interest and never the rank and file.
Mismanagement on top of 20 yrs of riding debt to buy more share of the mkt, while revenue goes to wall st investors, plus they wanted to squeeze more from the "essential workers"
what a bullshit jingo made up by a wall st ad firm
read "Yellow Freight and Apollo Global Management: What Are Workers Up Against?" and learn what the real story is.
capitalism at its finest
edit: Alex Findijs is the author
@@kathrynw3 I could see ulterior motives when recruiters offered free Vests with horsey Logos, when they tried to stir up hatred towards the office workers and the picket lines actually gettint paid $200 a day. It's all a business, you figure 150 drivers payinf membership dues.
How's the federal government going to recoup the losses to taxpayers? Heck, didn't you see those $8 BILLIONI in semi trucks, trailers and support equipment sitting RIGHT BEHIND YOU THERE?
Oh, and the freight terminals worth $10M to $30 MILLION apiece in some of the choicest commercial/industrial real estate in the country?
Yeah, I don't think the taxpayer's worried about getting paid back!
They have already shut down.
Question for one of you BRIGHT UNION goons:
How much is "strike pay?" And do you continue to get "strike pay" once the company you used to work for files for CHAPTER 7?
Do the kids you have at home start hating you IMMEDIATELY when you go on strike? Or does it take them a couple weeks til you start having to cut their extracurriculars out of necessity?
Cause they will, you know?
But nice job, voting yourselves OUT OF ONE, there, smart union guys!
Wonder how much they are selling the Trucks for ?
Too many union companies end up like this. Sad and completely preventable.
legalized extortion!
Preventable???
Good. Less annoying doubles on the road. Seriously that sucks for the Drivers and Taxpayers.
Ouch.
The SEC needs to actually do their jobs and investigate those executives
So its easy to call out the upper management at Yellow, but what about the 'upper management' of the teamster organization, they all still have their jobs.
Remember they haven’t paid contractors which is most drivers
Problem with the govs bailout is they dont tell them its a loan till the economy rebounds then it becomes an overpayment and money they fabricated needs to be payed back.
33 thousand employees looking for work and Darren Hawkins is living a pretty good life with the money he took from Yellow .
I think that's sorta like insider trading they knew it was going to fall out so he cashed out they are investigating him
Just think of all the money the union collected while representing those workers.
Best thing to happen to trucking industry, Hopefully many more to Come. Tare down the Terrible Twelve, Knight , Swift , CRST , all the rest.
LOL.
Join the club , it took me until November 2022 to find employment as a corrections officer and due to coronavirus took 12 days to loose it, now 7 months later looking for work in retail, agriculture, trucking and nothing yet the higher ups big chunky pay
Crazy i see these all over the road 😢 the famous yellow!
I'm praying for all drivers. As a driver i feel your pain 😔
Why there are 1000 other better driving jobs
Don't forget us dock workers.
@@joshmitchell5225No trucking is dying!Every month we lose 20.000 trucks
@@goodfella5302 20,000 bad ones
i hate it, they can work this but if they go file bankruptcy then the workers wont even be paid.
Greed, lies and corruption is what ended yellow. And will end many other trucking companies in the near future as well.
Arrow trucking 2.0 how's this working out, what's the average income loss per week per driver. They still have utilities, rent, mortgage and car payments etc. Hell is on earth right now and it doesn't make sense to go through this experiencing hell again after the bottom falls out. I know there's going to be a lot of divorces in the future.
R.I.P Yellow
Management have pocket enough 💰💵💰💵💰💵 to retire on and sip 🍷🍷🍷 for the rest of their lives. Bankruptcy means my 💵💰 is not yours. Feels strange when it happens to you
But yet he still has on a union shirt
I feel bad for my brother and sister teamsters!
i don't
nationalized this sector of trucking.
Unions kill another once great company.
Im not against union, but a close look at the auto industry, and the steel industry....you have to be careful because if your employer goes broke, it's all bets off.
Who's next....
1).No company.
2).No union.
3). No pensions from none union; poor medical. With $100,000 of that when you get sick.
4). Congress allowed Americans to compete with low wages, then take big pay in creases in union congress-wow
~ what happened people ?
Government aka The Federal Reserve wants more Unemployment. Definitely No Bailouts.
So When will the government swoop in and purchase the stock on the open market? They would be the only ones strong enough to rearrange the debt given they own 30%. New management could have been installed and new shares could have been issued and sold to the market when things turn around for them. Nothing wrong with the trucks or the blue collar employees.
But they may have missed their chance if the workforce is shed and they find jobs elsewhere.